RESCUE

5 years ago

IMF Readies $794B Italy Bailout

PATRICIA DE MELO MOREIRA / Getty Images

The International Monetary Fund is getting ready to put together a $794 billion bailout package for Italy that would give new Prime Minister Mario Monti 12 to 18 months to implement budget cuts and austerity measures before the country runs out of money. But Monti has come under pressure to speed up the reforms. Germany is against giving aid to Italy through the European Central Bank, but the lending of funds through the IMF would make the rest of Europe more receptive to the idea.